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Turnover from Operations
The exit
from North Europe in combination to the demoralize in entreat in the rest of the regions has
resulted in the drop of 2008 revenues compared to 2007. It must be clarified also that Greek
ferry operators pack their vessels abroad. Companies such(prenominal) as MINOAN LINES, classic
SEAWAYS and NEL LINES obtained significant revenues via the adoption of such practices.
EBITDA
Market EBITDA results present a significant decline of -51% in 2008 compared to 2007 after the
significant increase of 18% in 2006 compared to 2005 (Figure 16). This is principally due to the fact
that all ferry companies reported significantly lour results. For instance ANEK LINES reported
-37%, MINOAN LINES -47%, ATTICA congregation -31% and NEL LINES reported a decrease in
their EBITDA results of -867%. Only HELLENIC SEAWAYS reported marginally improved
results of 5%. The heights fuel cost along with the decrease in demand in all areas of operation
form contributed to the worst results ever with NEL LINES rest out (see section 5.1.4 for
more details).
Figure 16: EBITDA for Listed and HELLENIC SEAWAYS (2004-2008)
Source: XRTC

Net Results before Tax
Net results are lower by -99% in 2008 compared to 2007, as presented in Figure 17.



after an
impressive improvement of the net results for two consecutive years between 2004 and 2006,
where a record of 80% increase is reported, companies look to be affect by fuel prices and by
the high contention levels that exist in some itineraries. Characteristic is the case of ANEK
LINES stating that revenues were affected in the itinerary of Piraeus Chania due to
competition. All ferry operators have reported lower net results with NEL LINES standing out
with -196%, and ANEK LINES, MINOAN LINES, ATTICA GROUP and HELLENIC
SEAWAYS following with -152%, -80%, -64% and -39% respectively.
?= Bank Debt
As presented in Figure 18a, rely liabilities increased by 5.6% compared to 2008. Bank loan
levels have decreased...If you want to deliver a full essay, order it on our website: Ordercustompaper.com



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